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1、精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -Chapter 31 Home has 1200 units of labor available. It can produce two goods, apples and bananas.The unit labor requirement in apple production is 3, while in banana production it is 2. a Graph out the production possibilities frontier:Qbanana8006004002000
2、200400600800Q appleb What is the opportunity cost of apples in terms of bananas.可编辑资料 - - - 欢迎下载精品名师归纳总结aLaaLb1.5可编辑资料 - - - 欢迎下载精品名师归纳总结c In the absence of trade, what would the price of apples in terms of bananas be.In the absence of trade, since labor is the only factor of production and supply d
3、ecisions are determined by the attempts of individualsto maximizetheir earnings in a competitive可编辑资料 - - - 欢迎下载精品名师归纳总结economy, only whenPa /PbaLa /aLbwill both goods be produced. SoPa /Pb1.5可编辑资料 - - - 欢迎下载精品名师归纳总结2 Home is as described in problem 1. There is now also another country, Foreign, wit
4、h a labor force of 800. Foreigns unit labor requirement in apple production is 5, while inbanana production it is 1.a Graph Foreign s production possibilities frontier:Q* banana1000800600400200080160240320400Q* appleb Construct the world relative supply curve.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - -
5、- - - - - - -第 1 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -3Now suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples.a Graph the relative demand curve along with the relative sup
6、ply curve:D a /D bPb /Pa可编辑资料 - - - 欢迎下载精品名师归纳总结D a When the market achieves its equilibrium, we haveD bQaQ aQbQ b Pa 1Pb可编辑资料 - - - 欢迎下载精品名师归纳总结 RD is a hyperbolay1xb What is the equilibrium relative price of apples.The equilibrium relative price of apples is determined by the intersection of the R
7、D and RS curves.RD:x1yx 0,0.5y1.5RS:x0.5y1.5,5x0.5,y5 x0.5y2可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 2 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - - P ea / P eb2c Describe the pattern of trade.可编辑资料 - - - 欢迎下载精品名师归纳总结 P a / P bPe a/ P e bPa /
8、 Pb可编辑资料 - - - 欢迎下载精品名师归纳总结 In this two-country world, Home will specialize in the apple production, export apples and import bananas. Foreign will specialize in the banana production, export bananas and import apples.d Show that both Home and Foreign gain from trade.Internationaltrade allows Home a
9、nd Foreign to consume anywhere withinthe colored lines, whichlie outside the countries productionpossibilityfrontiers.And the indirect method, specializing in producing only one production then trade with other country, is a more efficientmethod than direct production.In the absence of trade, Home c
10、ould gain three bananas by foregoingtwoapples, and Foreign could gain by one foregoingfive bananas. Trade allows each country to trade two bananas for one apple. Home could then gain fourbananas byforegoingtwoapples whileForeigncouldgain one applebyforegoing only two bananas. So both Home and Foreig
11、n gain from trade.4Suppose that instead of 1200 workers, Home had 2400. Find the equilibrium relative price. What can you say about the efficiency of world production and the division of the gains from trade between Home and Foreign in this case.1RD:xy可编辑资料 - - - 欢迎下载精品名师归纳总结RS:x 0,1x1x1,2y1.5y1.5,5
12、y5可编辑资料 - - - 欢迎下载精品名师归纳总结 xy31.5可编辑资料 - - - 欢迎下载精品名师归纳总结可编辑资料 - - - 欢迎下载精品名师归纳总结 P e a / P e b1.5可编辑资料 - - - 欢迎下载精品名师归纳总结可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 3 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -In this case, Foreign willspecia
13、lize in the banana production,export bananas and import apples. But Home willproduce bananas and apples at the same time. And the opportunity cost of bananas in terms of apples for Home remains the same. So Home neither gains nor loses but Foreign gains from trade.5 Suppose that Homehas 2400 workers
14、, but they are only half as production in bothindustries as we have been assuming, Constructtheworldrelativesupply curveand determine the equilibrium relative price. How do the gains from trade compare with those in the case described in problem 4.In this case, the labor is doubled while the product
15、ivity of labor is halved, so the effectivelabor remains the same. So the answer is similar to that in 3. And both Home and Foreigncangainfromtrade.ButForeigngainslessercomparewiththatinthecase4.6 ”Korean workers earn only $2.50 an hour; if we allow Korea to export as much as it likes to the United S
16、tates, our workers will be forced down to the same level. You cant import a$5 shirt without importing the $2.50 wage that goes with it. ”Discuss.In fact, relative wage rate is determined by comparative productivity and the relative demandfor goods. Koreas low wage reflects the fact that Korea is les
17、s productive than the United States in most industries. Actually, trade with a less productive, low wage country can raise the welfare and standard of living of countries with high productivity, such as United States. So可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 4 页，共 10 页 - - - - - - -
18、- - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -this pauper labor argument is wrong.7 Japanese laborproductivityis roughly the same as thatof the UnitedStates in the manufacturing sector higher in some industries, lower in others, while the United States, is still considerably more
19、 productive in the service sector. But most services are non-traded. Some analysts have argued that this poses a problem for the UnitedStates, because our comparative advantage lies in things we cannot sell on world markets. What is wrong with this argument.The competitive advantage of any industry
20、depends on both the relative productivities of the industries and the relative wages across industries. So there are four aspects should be taken into account before we reach conclusion: both the industries and service sectors of Japan and U.S., not just the two service sectors. So this statement do
21、es not bade on the reasonable logic.8 Anyone who has visited Japanknows itis an incrediblyexpensive place; althoughJapanese workers earn about the same as their U.S. counterparts, the purchasing power of their incomes is about one-third less. Extend your discussing from question 7 to explain this ob
22、servation. Hint: Think about wages and the implied prices of non-trade goods.The relative higher purchasing power of U.S. is sustained and maintained by its considerably higher productivity in services. Because most of those services are non-traded, Japanese could notbenefitfromthose lowerservicecos
23、ts. AndU.S.does nothave toface a lower international price of services. So the purchasing power of Japanese is just one-third of theirU.S. counterparts.9How does the fact that many goods are non-traded affect the extent of possible gains from trade.Actually the gains from trade depended on the propo
24、rtion of non-traded goods. The gains will increase as the proportion of non-traded goods decrease.10We have focused on the case of trade involving only two countries. Suppose that there aremany countries capable of producing two goods, and that each country has only one factor of production, labor.
25、What could we say about the pattern of production and inthis case. Hint: Try constructing the world relative supply curve.Any countries to the left of the intersection of the relative demand and relative supply curves export the good in which they have a comparative advantage relative to any country
26、 to theright of the intersection.If the intersection occurs in a horizontal portion then the country with that price ratio produces both goods.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 5 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -Chapter 41
27、In the United States where land is cheap, the ratio of land to labor used in cattle rising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor is cheap, it is common to raise cows by using less land and more labor than Americans use to
28、grow wheat. Can we still say that raising cattle is land intensive compared with farming wheat. Why or why not.The definition of cattle growing as land intensive depends on the ratio of land to labor used in production,not on the ratio of land or labor to output. The ratio of land to labor in cattle
29、 exceeds the ratio in wheat in the United States, implying cattle is land intensive in the United States. Cattle is land intensive in other countries too if the ratio of land to labor in cattle productionexceeds the ratio in wheat production in that country. The comparison between another country an
30、d the United States is less relevant for answering the question.2 Suppose that at current factor prices cloth is produced using 20 hours of labor for each acre of land, and food is produced using only 5 hours of labor per acre of land.a. Suppose that the economy s total resources are 600 hours of la
31、bor and 60 acres of land. Using a diagram determine the allocation of resources.可编辑资料 - - - 欢迎下载精品名师归纳总结aLC/ aT CLC/QC/ T C/QCLC /T CLC20T C可编辑资料 - - - 欢迎下载精品名师归纳总结可编辑资料 - - - 欢迎下载精品名师归纳总结aLF/ aT FLF/QF /T F/QFLF /T FLF5 T F可编辑资料 - - - 欢迎下载精品名师归纳总结We can solve this algebraically since L=LC+LF=600 an
32、d T=TC+TF=60. The solution is LC=400, TC=20, LF=200 and TF=40.LFFoodLandTCTF可编辑资料 - - - 欢迎下载精品名师归纳总结ClothLaborLC可编辑资料 - - - 欢迎下载精品名师归纳总结b. Now suppose that the labor supply increase first to 800, then 1000, then 1200 hours. Using a diagram like Figure4-6, trace out the changing allocation of resourc
33、es.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 6 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结L800 : T C L1000 : T C33.33, LC46.67, LC666.67, T F933.33,T F26.67, LF13.33,LF133.3366.67可编辑资料 - - - 欢迎下载精品名师归纳总结L1200 : T C60,
34、 LC1200, T F0, LF0. c o m p lsept eec i a tl i oz an 可编辑资料 - - - 欢迎下载精品名师归纳总结FoodLand可编辑资料 - - - 欢迎下载精品名师归纳总结0l1200Cloth0l 10000l800Labor可编辑资料 - - - 欢迎下载精品名师归纳总结c. What would happen if the labor supply were to increase even further.At constant factor prices, some labor would be unused, so factor pri
35、ces would have to change, or there would be unemployment.3. “The world s poorest countries cannot find anything to export. There is no resource thatis abundant certainly not capital or land, and in small poor nations not even labor is abundant. ”Discuss.The gains fromtrade depend on comparative rath
36、er than absolute advantage. As to poor countries, what matters is not the absolute abundance of factors, but their relative abundance.Poor countrieshave an abundance oflabor relativeto capitalwhen compared to moredeveloped countries.4. The U.S. labor movement which mostly represents blue-collar work
37、ers rather than professionals and highlyeducated workers has traditionallyfavoredlimitson imports form less-affluent countries. Is this a shortsighted policy of a rationalone in view of the interests of union members. How does the answer depend on the model oftrade.In the Ricardo s model, labor gain
38、s from trade through an increase in its purchasing power. This result does not support labor union demands for limitson imports fromless affluent countries.In the Immobile Factors model labor may gain or lose from trade. Purchasing power in terms of one good will rise, but in terms of the other good
39、 it will decline.The Heckscher-Ohlin model directly discusses distribution by considering the effects of trade on the owners of factors of production.In the context of this model, unskilledU.S. labor loses from trade since this group represents the relatively scarce factors in this country. The resu
40、lts from the Heckscher-Ohlin model support labor union demands for import limits.5. There is substantial inequality of wage levels between regions within the United States.可编辑资料 - - - 欢迎下载精品名师归纳总结学习资料 名师精选 - - - - - - - - - -第 7 页，共 10 页 - - - - - - - - - -可编辑资料 - - - 欢迎下载精品名师归纳总结资料word 精心总结归纳 - - -
41、 - - - - - - - - -For example, wages of manufacturing workers in equivalent jobs are about 20 percent lower in the Southeast than they are in the FarWest. Whichof the explanations of failure of factor price equalization might account for this. How is this case different fromthedivergence ofwages bet
42、ween theUnitedStates andMexicowhichis geographically closer to both the U.S. Southeast and the Far West than the Southeast and Far West are to each other.When we employ factor price equalization, we should pay attention to its conditions:both countries/regions produce both goods; both countries have the same technology of production, and the absence of barriers to trade. Inequality of wage levels between regions withinthe United States may caused by some or all of these reasons.Actually, the barriers to trade always exist in the real world due to transportation